Prepare your pockets for another streaming platform.
Just like its peers, Paramount is now finally starting to spread its wings all over the world. However, the company is not intending to focus its reach on as many markets as possible. Instead, it is strategically planning which countries they should invest in through potential partnerships.
According to the executives at the company, such a strategy of market-to-market approach helps the company expand its business without taking many risks. It also helps the company build new partnerships and diversity in revenue streams.
With that in mind, Paramount is launching its global streaming service called Paramount+ in the United Kingdom, South Korea, and India in the coming years. Here are the details:
What is Paramount+?
Paramount+ is an over-the-top or OTT streaming service based in America that provides video-on-demand with a subscription. The service is owned by Paramount Streaming, a division of Paramount Global. The library content for Paramount+ comes from the Paramount Media Networks, Paramount Pictures, and the CBS Entertainment Group.
Paramount+ first expanded its market in Latin America and Canada in March 2021. Later on, it was available in Nordic countries and Australia by the beginning of August. The streaming services are available in every Unites States territory except Puerto Rico.
Launch Dates in the UK, South Korea, and India
Paramount+ is scheduled to launch in the U.K., Ireland, and South Korea in June 2022. In the U.K. the services will be available on mobile as well as on a range of TVs that are connected to the Paramount+ app. After a seven-day free trial, the subscription will cost £6.99 ($8.77) per month/£69.90 per annum.
In Ireland, Italy, Germany, and Australia, the services will be launched on the Sky platforms and the Sky Cinema subscribers will get Paramount+ as bonus. As for India, the services will be launched in 2023 through a partnership with Viacom18.
The President and CEO of ViacomCBS Networks International (VCNI), Raffaele Annecchino talked about the Paramount’s goal for this year and said in a statement: “This year will be monumental for our streaming strategy as we accelerate our global ambitions, rapidly expanding Paramount+ in Europe beginning with the U.K., Italy, Germany, France and more by the end of this year and debut in Asia with South Korea in June, followed by India in 2023. “
He also added: “With an already expansive global footprint and a strong, long-term market-by-market strategy, we are well-poised to continue our positive momentum.”
Paramount Global’s CEO Bob Bakish talked about India being a crucial market for their streaming service’s growth and said: “That is a fundamentally attractive market, a market that is already at scale and has a tremendous future ahead of it in the context of media. Viacom18 has been a significant player in the market since its inception.”
It will be interesting to see how Paramount+ fares against the other OTT giants in the market.